Performant Financial Corporation Stock Forecast
Performant Financial Corporation stock upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.
(Updated on May 17, 2024)
The Performant Financial Corporation stock price gained 0.635% on the last trading day (Friday, 17th May 2024), rising from $3.15 to $3.17. During the last trading day the stock fluctuated 2.57% from a day low at $3.11 to a day high of $3.19. The price has risen in 7 of the last 10 days and is up by 14.03% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 75 thousand more shares were traded than the day before. In total, 188 thousand shares were bought and sold for approximately $595.87 thousand.
The stockis at the upper part of a very wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $3.24 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Performant Financial Corporation stock with a 90% probability to be traded between $2.49 and $3.28 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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PFMT Signals & Forecast
The Performant Financial Corporation stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $3.17. On a fall, the stock will find some support from the long-term average at approximately $2.79. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Performant Financial Corporation has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, May 15, 2024, and so far it has fallen -2.16%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Performant Financial Corporation stock
On the downside, the stock finds support just below today's level from accumulated volume at $2.91 and $2.90. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Performant Financial Corporation finds support just below today's level at $2.91. If this is broken, then the next support from accumulated volume will be at $2.90 and $2.69.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.0800 between high and low, or 2.57%. For the last week, the stock has had daily average volatility of 3.55%.
Our recommended stop-loss: $3.03 (-4.34%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (PFMT) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Performant Financial Corporation to open at $3.16, and during the day (based on 14 day Average True Range), to move between $3.04 and $3.30, which gives a possible trading interval of +/-$0.132 (+/-4.17%) up or down from last closing price. If Performant Financial Corporation takes out the full calculated possible swing range there will be an estimated 8.35% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $3.19 (0.63%) than the support at $2.91 (8.20%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Performant Financial Corporation stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Performant Financial Corporation stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.808 Buy Candidate Upgraded
Predicted Opening Price for Performant Financial Corporation of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $3.16 ( 0.421%) | $3.17 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PFMT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.24 | 2.10 % | |
| R2 | 3.21 | 1.14 % | ||
| R1 | 3.19 | 0.543 % | ||
| Current price: | 3.17 | |||
| Support | S1 | 3.13 | -1.38 % | |
| S2 | 3.11 | -1.98 % | ||
| S3 | 3.08 | -2.94 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 3.24 | 2.21 % | ||
| R1 | 3.19 | 0.631 % | ||
| Current price | 3.17 | |||
| Support | S1 | 2.91 | -8.20% | |
| S2 | 2.90 | -8.52% | ||
| S3 | 2.69 | -15.14% |
FAQ
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